1 Question 5: 6 marks (15 minutes) 2 On January 1, 20x1, Raven Ltd. had 40,000 shares of common shares issued and outstanding. The book value of those shares was $600,000. Furthermore, they had 10,000 $3, cumulative, preferred shares issued and outstanding which had a 3 book value of $200,000. 4 5 6 The following transactions took place in 20x1: 7 8 Feb 28-Issued 20,000 common shares for $500,000 19 10 Jun 1-Repurchased and cancelled 20,000 shares at $20.00 each. 11 12 Jun 30-A 2:1 stock split was announced 13 14 Dec 15-Declared a dividend of $2.00/share to shareholders of record on Dec 31, 15 16 Required- 17 18 Prepare all journal entries to record the above transactions. Round to two decimal points on any calculations. 19 20 21 22 03